SnapSwap receives license to operate in Europe

Regulation | November 11, 2015 By:

SnapSwap announced today that the company has been granted a license to provide services as a regulated payment institution by the Minister of Finance of the Grand Duchy of Luxembourg.

It is the first license for a virtual currencies operator as a payment institution in Europe. The license allows SnapSwap to offer payments, remittances, and currency exchange services utilizing modern cryptographic technologies, crypto-currencies and internet protocols, such as blockchain and open ledger consensus.

Nicolas Mackel, CEO of Luxembourg for Finance said, “This first licensing of a virtual currencies operator shows the openness of the Luxembourg authorities towards innovation. Luxembourg is already a prominent location for e-payment companies, following its success as a European hub for international e-commerce companies.”

Denis Kiselev, CEO of SnapSwap, said, “We at SnapSwap believe this is the first step towards the creation of a crypto protocols ecosystem that will develop within an established structure of financial regulation and supervision, and we are excited to start our activities for Europe out of Luxembourg in early 2016.”

SnapSwap is a company specialised in payment services utilising modern cryptographic technologies, crypto-currencies and internet protocols.